Future Group Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Future Group through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Future Group Product Strategy:
Future Group is one of the leading retail conglomerates in India. Future group’s retail business is very popular. It’s hypermarket chain Big Bazaar among the top 3 service brands in India. Future Group has a variety of retail chains such as Central which is a departmental store chain, Brand factory which is an outlet store chain, Home town and Ezone which are home improvement and consumer durables chain. Planet Sports, a sportswear chain and Food Bazaar, convenience stores chain also comes under the Future group. The product strategy in the retail chain’s marketing mix is as follows. Their hypermarket and supermarket business like Big Bazaar, Food Bazaar, fbb, Foodhall, KB’s Conveniently Yours and Easyday are led by Future Retail Ltd whereas Central, Brand Factory and Planet sports are led by Future Lifestyle fashion.
Future group also provides end to end supply chain and Logistics services in India through Future Supply Chain Solutions Ltd. Large corporations in Food and FMCG, Apparels, Automotive seek their assistance in supply chain problems. It also has a financial services businesses called the Future Capital. Future group has over 21 products in the food and FMCG sector. Their products range from juices, frozen vegetables to oats, dairy and personal care products.
Image: company website
This concludes the product strategy in Future Group marketing mix & strategy.
Future Group Price/Pricing Strategy:
Below is the pricing strategy in Future Group marketing mix strategy:
Future Group has different businesses in which various products are priced according to the segment they are targeted at. The pricing strategy for Future Group’s products & offerings in its marketing mix is as follows.
Future group believes in empowering the customers and in serving them better with each initiative. They understand the importance of customer retention and that’s why they have joined hands with PAYBACK, India’s largest and Europe’s leading multi partnered loyalty program. Big Bazaar, Central, Ezone, Food bazaar, Home Town, Future Bazaar and Brand factory are part of this program. They have other loyalty programs like T24 program and Big Bazaar Profit Club.
Future group sells the best and the cheapest groceries which are available everywhere through their stores. The value proposition of big bazaar is that the products are low priced. It started a unique “#decideyourprice” initiative on twitter where it announced a list of bestseller products and offered a price drop of one rupee with every retweet in a given time frame. Future Group has launched its own digital wallet named Future pay so that the customers get the best price in the future outlets. There is a “Price Match” feature in which the app credits the price difference to the customer, if the customer shows a bill with product and a competitor’s advertisement with the same product with a cheaper price.
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Future Group Place & Distribution Strategy:
Following is the distribution strategy in the Future Group marketing mix:
Future group follows an omni channel strategy in its marketing mix. Future Group has various permutations and combinations of purchases and delivery of the goods. Customers can order online, at the shop and pick up the deliveries from another store or get it delivered at their homes. Distribution channel is a very obvious advantage for future group. It retails all its FMCG products through its stores and hypermarkets. Future retail has a pan India network which extends to 100 cities. Big bazaar has 150+ stores, Food bazaar has 25+ stores and Fbb and Home Town has 30 stores each.
Future group have also teamed up with Paytm so that users can buy goods from big bazaar on PayTm and then get the goods delivered. Future Group has used technology to its advantage. It has made smooth transition to SAP EEC 6. Future Retail has also won the Best Run Award in IT.
Infrastructure and backend services are managed by Future Enterprises Limited.
Future Group Promotion & Advertising Strategy:
The promotional and advertising strategy in the Future Group marketing mix is as follows:
Over the years Future Group has come up with various advertisement campaigns like Great Indian Home Festival, Maha bachat etc. Future group has conceptualized various ad films with celebrities like Varun Dhawan, M S Dhoni, Katrina Kaif and Asin. Future Group has a tie up with Sachin Tendulkar for its brand Sach. Future Group have also invested in digital media for creating interactive multimedia campaigns.
Big Bazaar mainly applies the selling concept of marketing. It displays all its products for the consumer to buy. There are all some or the other schemes going on to promote some brands like buy one get one free etc. There are salesperson roaming around in the store to help the customers. The creative communication of Future Group’s casual wear brand, DJ&C, is done by Pickles. The creative communication includes banners and posters etc. They have invested around Rs. 8 to 10 crore in the past for marketing the brand.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Future Group.
People:
Future Group gives a lot of importance to its people. All its sub-brand companies Big Bazaar, Food Bazaar, Future Lifestyle etc all focus a lot on its employees. Apt training is given to employees as they are always customer facing. From instore managers to employees at billing counters to help desk executives, all play an important role in managing the customers. Also, the conglomerate has several activities to keep the customers engaged, as customers are Future Group's priority.
Physical Evidence:
Each store of Future Group is very spacious and prominently located owing to its huge potential to attract crowds. The stores have a well designed alley, good access to products for customers and billing counters in the end. The website for its brands and all its stores along with membership cards, vouchers etc for the physical presence of Future Group.
Process:
Being a leading conglomerate in the field of Indian retail, Future Group has several business processes and customer friendly frameworks to ensure that the products reach the customers. The supply chain processes are essential to get the products from manufacturers to the warehouses and distributed to the stores pan India. Also, customer focused processes like purchase, exchange, return etc of products is done very professionally and efficiently. Hence, this covers the Future Group marketing mix.
About Future Group:
Future group is an Indian conglomerate with businesses in retail, insurance and services. Future Group is India’s largest retailer. It believes in rewriting rules and retaining values. Its core business activity is in retail forms through which it wants to contribute to the growth of the Indian economy. Future Group was incorporated in 1987 and its brand pantaloons was also launched in the same year. Over the years it has launched several brands like Bare, John miller, supermarket chain Food bazar, Big bazaar stores. It launched Home Town in 2006. Future group’s success can be seen by the deep footprints across India. With deep insights of the Indian Consumers Future group knows how they operate and think and they use this knowledge to innovate and exploit the potential of the modern retail growth.
It believes in broad based inclusive growth by focusing on employability, innovation and entrepreneurship. Kishore Biyani is the CEO of the Future group.
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